# 119-hr-2912: Oligarch Act of 2025 119-hr-2912, Oligarch Act of 2025, is a 119th Congress bill sponsored by Rep. Lee, Summer L. [D-PA-12] (D-PA); status introduced; PRIA reads it as touching household money (as of 2025-12-21). - Canonical: https://policyrisk.com/legislation/119-hr-2912 - As of: 2025-12-21 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: 119-hr-2912 - Congress: 119 - Title: Oligarch Act of 2025 - Status: introduced - Introduced: 2025-04-14 - Sponsor: Rep. Lee, Summer L. [D-PA-12] (D-PA) - Cosponsors: 12 - Policy area: Taxation - Touches household money: yes - Last recorded action: 2025-12-21 ## Summary **Would create an annual wealth tax on the net value of assets owned by very wealthy individuals and certain trusts, with a threshold tied to median household wealth.** This bill would also set valuation rules, require new reporting, and expand enforcement and penalty authority. - High-net-worth individuals and certain trusts: The tax would apply to an "applicable taxpayer" on the last day of each year and use a threshold equal to 1,000 times the greater of $50,000 or the Treasury's annual median household wealth. - Married couples, trusts, and beneficiaries: Married taxpayers are treated as one applicable taxpayer. The bill treats related trusts with substantially the same beneficiaries as a single taxpayer and lets the Treasury issue rules for attributing trust assets and beneficiaries' shares. - Reporters and enforcers: Banks, custodians, and other owners or managers may face new information-reporting duties. The Treasury must audit at least 30% of liable taxpayers annually and the bill raises penalties for valuation understating with a $5,000 penalty floor. ## Cosponsors (12) - Rep. Nadler, Jerrold [D-NY-12] (D-NY), 2025-04-14T00:00:00.000Z - Rep. Tlaib, Rashida [D-MI-12] (D-MI), 2025-04-14T00:00:00.000Z - Rep. Frost, Maxwell [D-FL-10] (D-FL), 2025-04-14T00:00:00.000Z - Del. Norton, Eleanor Holmes [D-DC-At Large] (D-DC), 2025-04-14T00:00:00.000Z - Rep. Dean, Madeleine [D-PA-4] (D-PA), 2025-04-14T00:00:00.000Z - Rep. Ramirez, Delia C. [D-IL-3] (D-IL), 2025-04-14T00:00:00.000Z - Rep. Huffman, Jared [D-CA-2] (D-CA), 2025-04-14T00:00:00.000Z - Rep. Foushee, Valerie P. [D-NC-4] (D-NC), 2025-04-14T00:00:00.000Z - Rep. Watson Coleman, Bonnie [D-NJ-12] (D-NJ), 2025-04-14T00:00:00.000Z - Rep. McGovern, James P. [D-MA-2] (D-MA), 2025-04-24T00:00:00.000Z - Rep. Casar, Greg [D-TX-35] (D-TX), 2025-04-24T00:00:00.000Z - Rep. García, Jesús G. "Chuy" [D-IL-4] (D-IL), 2025-05-13T00:00:00.000Z ## Provisions PRIA read - Delay wealth tax up to five years: benefit, high. If enacted, you could ask to delay paying the wealth tax for up to 5 years. You would need to show severe liquidity problems or that paying now would cause undue hardship to an ongoing business. The Secretary would set application rules within 12 months. - Nonprofits exempt from the wealth tax: benefit, medium. If enacted, tax‑exempt organizations would also be exempt from the new wealth tax. Qualifying nonprofits would not owe this tax. - New annual wealth tax on ultra-wealthy: cost, high. If enacted, this would charge an annual tax on net assets as of December 31. The threshold would be 1,000 times the larger of $50,000 or the median household wealth set by the Secretary. Rates would be 2% from the threshold to 10×, 4% to 100×, 6% to 1,000×, and 8% above that. Trusts (other than qua… - Wealth tax not income-tax deductible: cost, high. If enacted, amounts you pay under the wealth tax could not be deducted from your income taxes. This would raise the after‑tax cost for those who owe the wealth tax. - What counts as taxable wealth: cost, high. If enacted, your taxable net value would be your total property minus debts, with some items excluded. Property in your estate and some gifts to family under 18 could still count as yours for this tax. Nonresident aliens would be taxed only on property in the United States. Small personal items wor… - Penalties for undervaluing your assets: cost, medium. If enacted, a new penalty would apply for large valuation understatements. It would trigger when you claim 65% or less of the correct value. No penalty under this rule would apply unless the underpayment from these errors exceeds $5,000 for the year. - New valuation, reporting, and 30% audits: cost, low. If enacted, the Secretary would set asset valuation methods within 12 months, including for hard-to-value assets. The Secretary would also require reporting of asset and liability information, possibly through banks, companies, owners, or managers, and may tie it to income reporting. Businesses cou… - Special timing for death or expatriation: mixed, medium. If enacted, for someone who dies and is not married, the tax date would be the date of death. Their year-of-death tax would be reduced by the fraction of days left in the year. That tax would be treated as imposed before death for estate administration. Covered expatriates would have their tax year… ## Related bills - 119-hr-9877: Health Equity and Accountability Act of 2026 - 119-hr-7973: Momnibus Act - 119-hr-7977: Energy Bills Relief Act - 119-hr-3971: Domestic Workers Bill of Rights Act - 119-hr-2045: Medicare Dental, Vision, and Hearing Benefit Act of 2025 - 119-hr-51: Washington, D.C. Admission Act ## Sources - [119-hr-2912 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/2912) ## Related - [119-hr-9877: Health Equity and Accountability Act of 2026](https://policyrisk.com/legislation/119-hr-9877) - [119-hr-7973: Momnibus Act](https://policyrisk.com/legislation/119-hr-7973) - [119-hr-7977: Energy Bills Relief Act](https://policyrisk.com/legislation/119-hr-7977) - [119-hr-3971: Domestic Workers Bill of Rights Act](https://policyrisk.com/legislation/119-hr-3971) - [119-hr-2045: Medicare Dental, Vision, and Hearing Benefit Act of 2025](https://policyrisk.com/legislation/119-hr-2045) - [119-hr-51: Washington, D.C. Admission Act](https://policyrisk.com/legislation/119-hr-51) - [All bills in Congress](https://policyrisk.com/legislation) Source: PRIA, https://policyrisk.com/legislation/119-hr-2912 (as of 2025-12-21).